OPEC

A hike in expected US inflation over the next year comes ahead of next month's federal reserve decision on interest rates. Meanwhile, OPEC cuts increase the price of oil.

Saudi Aramco reports 'record' $161 billion profit for 2022

Oil prices steadied in early Asian trade on Wednesday as industry data showed a draw in U.S. crude oil inventories.

Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering.

Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5%, lower than market expectations of 5.5% growth in the world's second- largest oil consumer.

Top energy executives and officials from around the world will descend on Houston next week just as the political fallout from Russia's invasion of Ukraine a year ago continues to distort global oil supply lines

Oil prices rose for a second day on Wednesday as reports of expanding manufacturing activity in China, the world's biggest crude importer, boosted the outlook for global fuel demand.

Brent crude oil slipped more than 1% in a volatile session on Tuesday as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day's gains.

Oil prices were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China's demand recovery.

Brent crude futures fell by 82 cents, or 1%, to $85.79 per barrel by 0132 GMT, while U.S. crude futures fell by $1.04, or 1.3%, to $79.10 per barrel.

Oil prices eased on Monday after rising 2% in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States.

Oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world's biggest importer, looks set to increase.

Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer.

Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady.

Oil prices edged up on Friday and were on track to post a second straight annual gain, albeit a meagre one, in a year marked by tight supplies due to the Ukraine conflict, a strong dollar and weak demand from the world's top crude importer China.

Oil prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil.

A group of investors has tabled resolutions urging four of the world's top oil and gas companies to set broad climate targets for 2030, reviving pressure on the sector after a year that saw governments shift their focus to energy security.

Oil prices are set to post their biggest weekly drop in months, since traders expect it will be months before the benefits of China easing COVID controls feeds through to demand.

European stock markets and oil prices steadied Friday before key US jobs data and an oil output decision by OPEC and its Russia-led allies.

OPEC oil output has fallen in November, led by top exporter Saudi Arabia and other Gulf members, after the wider OPEC+ alliance pledged steep output cuts to support the market amid a worsening economic outlook.

Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in U.S.

The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market - but with more U.S.

Finance ministers from the Group of Seven club of wealthy nations will discuss the U.S.

Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.

Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth "for some time".

Oil prices rose in early trade on Friday on signs of improving fuel demand, though gains were capped as the market awaited clues from the U.S.

Oil prices edged up on Tuesday, after Saudi Arabia warned that OPEC could cut output to correct a recent drop in oil futures.

Oil prices fell on Monday, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Oil prices are set in dollars, so any rise in the currency makes barrels more expensive for importers using other currencies.

Oil prices eased on Thursday, reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures.